Futures inch higher
U.S. stock futures were pointing to a positive start for Wall Street on Friday after Federal Reserve Chairman Jerome Powell laid out new approach to inflation at the Jackson Hole annual economic symposium.
Powell said the Fed will use appropriate monetary policy to achieve an inflation rate that averages 2% over time. He also added that maximum employment will be a broad-based and inclusive goal.
As of 5:40 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 144 points, or 0.51% to 28,612. The S&P 500 futures edged up 12.32 points, or 0.35% to 3,497.62 while the tech-heavy Nasdaq 100 futures were little changed.
Walmart joins race to buy TikTok’s U.S. operations with Microsoft partnership
Walmart (NYSE: WMT), the world’s largest retailer, is joining tech giant Microsoft (NASDAQ: MSFT) in a bid to acquire TikTok’s operations in the United States.
“We believe a potential relationship with TikTok US in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses,” a Walmart spokesperson said in a statement to CNBC on Thursday.
The White House has ramped up its campaign to force the hugely popular short-form video app to end ties with its China-based owner.
Microsoft recently launched its bid to acquire TikTok’s operations in the U.S., New Zealand, Canada, and Australia. Other companies said to be interested in TikTok include Twitter (NYSE: TWTR) and Oracle (NYSE: ORCL).
Walmart shares were up $3.17, or 2.32% to $139.80 each in the pre-market trading session Friday.
Trump accepts Republican nomination
Meanwhile, President Donald Trump has formally accepted the Republican nomination for a second term and attacked his opponent, Democratic nominee Joe Biden in a roughly 70 minutes speech as he rounded out the Republican National Convention.
“My fellow Americans, tonight, with a heart full of gratitude and boundless optimism, I profoundly accept this nomination for President of the United States,” the president said in a speech at the White House.
Trump said that Joe Biden “is not a savior of America’s soul. He is the destroyer of America’s jobs. And if given the chance, he will be the destroyer of American greatness.”
He also asserted a tough tone toward Beijing and blasted China for allowing the coronavirus to escape its borders.
